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- Last 2026-11-06
- A$0.19
- 1D
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- 1M
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- YTD
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- 1Y
- —
- Fair value
- Locked: sign in to view
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- Mkt cap
- A$295M
- EV
- A$199.4M
- Cash
- A$49.1M
- Debt
- A$0
5 newer ASX announcements not yet reflected in this valuation
- Quarterly Activities/Appendix 5B Cash Flow ReportLatest Four Activities Reports
- Application for quotation of securities - TGNPost Cash Checkpoint Security Event
- Notification of cessation of securities - TGNPost Cash Checkpoint Security Event
- Notification regarding unquoted securities - TGNPost Cash Checkpoint Security Event
- Annual Report to shareholdersLatest Annual Report
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Sign in or enter a guest codeAnnouncements
Latest 12 of 21All sources ▸- Quarterly Activities/Appendix 5B Cash Flow ReportOperations
- Watershed Preliminary Economic Evaluation PresentationPresentation
- Watershed Updated Mineral Resource EstimateResource Update
- WIN Secures Key Processing Infrastructure for Radio GoldEconomic Arrangement
- Watershed Study - Strong Economic OutcomesStudy
- Quarterly Activities/Appendix 5B Cash Flow ReportOperations
- Notification regarding unquoted securities - TGNOperations
- Half Yearly Report and AccountsResults
- Quarterly Activities/Appendix 5B Cash Flow ReportOperations
- Mt Mulgine Study Supplementary - Cash Flow & PaybackStudy
- Mt Mulgine Supplementary Scoping Study PresentationPresentation
- Investor Webinar - Mt Mulgine Scoping StudyOperations
Event calendar · next 12 months
6 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| Q4 2026 target | Mt Mulgine clearing permit decision | Permitting | Company Guided | Medium | WA approval is on the critical path to development. |
| October 2026 target | Watershed definitive feasibility study | Study | Company Guided | High | Tests cost, recoveries, reserves and funding basis against the PEE. |
| Late 2026 target | Watershed financing and final investment decision | Financing | Company Guided | High | Binding funding terms determine retained economics and dilution. |
| Q1 2027 target | Mt Mulgine mine development and closure proposal submission | Permitting | Company Guided | Medium | Tests permit schedule and feasibility readiness. |
| H1 2027 target | Watershed first concentrate production target | Production | Company Guided | High | Commercial delivery and offtake conversion would test the near-term value case. |
| Q2 2027 target | Mt Mulgine definitive feasibility study | Study | Company Guided | High | Updates capital estimate, recoveries and project cash flows. |
Executive roster
As of 2026-09-26Background checks ▸FY2025 annual corporate directory and subsequent 2026 issuer releases identify the two current executives; non-executive directors excluded.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Teck Siong Wong | Executive Director and Interim Chief Executive Officer | Executive Director · Chief Executive | 2022-08-09 | Annual Report to shareholders · Tungsten Mining Secures $50M |
| Simon Borck | Chief Financial Officer · Company Secretary | Finance · Company Secretary | 2024-12-16 | Annual Report to shareholders |
devCoverage status: Complete As Disclosed
Portfolio detail
Assets
Core asset
Watershed Tungsten Project
Australia
Scoping Study Developer100% ownedTungsten
Fully permitted per September 2026 report; early works under way, DFS and financing/FID outstanding; first production H1 2027 is company target.
Project location
Approximate location
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Published study economicsIssuer or study metrics
NPVA$1.3B8% discount
IRR198%Published return
Initial capexA$274MPublished capital estimate
Operating cost47.9AUD per tonne crusher feed
Pre-tax PEE at declining APT price; not a post-tax or funded equity NAV.
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Measured, Indicated and Inferred | 69.7 Mt | 0.109% WO3 | Tungsten | 2026-06-18 |
| Ore Reserve | Proven and Probable | 21.3 Mt | 0.15% WO3 | Tungsten | 2025-06-30 |
Milestones3
- Definitive feasibility study
Pending · High materiality
- Final investment decision
Pending · High materiality
- First concentrate production
Pending · High materiality
Permits & approvals2
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Environmental Authority | Queensland | Granted | — | Yes |
| Progressive Rehabilitation and Closure Plan | Queensland | Granted | — | Yes |
Economic studies1
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Watershed Preliminary Economic Evaluation | Scoping Study | Current | 2026-06-18 | Eight-year production target, pre-tax NPV8 A$1.309bn, A$274m pre-production capital, APT price taper to US$1,000/mtu by June 2030. |
Core asset
Mt Mulgine Project
Australia
PFS Developer100% ownedTungstenOthersGoldSilverCopper
Full mineral rights and tenements acquired from Minjar in December 2024. September 2026 PFS complete; A$870m initial capital, remaining WA permits and funding. First production Q2 2029 target.
Project location
Approximate location
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Published study economicsIssuer or study metrics
NPVA$4.8B8% discount
IRR48%Published return
Initial capexA$870MPublished capital estimate
Operating cost35.4AUD per tonne ore
Post-tax 8Mtpa Fastmarkets forecast-price PFS; A$6.823bn pre-tax and 55% pre-tax IRR.
Resources & reserves3
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Indicated and Inferred | 247 Mt | 0.11% WO3; 280ppm Mo; by-product Au, Ag, Cu | Tungsten · Others · Gold · Silver · Copper | 2020-05-04 |
| Mineral Resource | Indicated and Inferred | 1.9 Mt | 1.10g/t Au | Gold | 2018-12-31 |
| Ore Reserve | Probable | 144 Mt | 0.10% WO3; 287ppm Mo; 0.12g/t Au; 6.2g/t Ag; 0.04% Cu | Tungsten · Others · Gold · Silver · Copper | 2026-09-01 |
Tenements4
Milestones3
- Native vegetation clearing permit decision
Pending · High materiality
- Mine development and closure proposal submission
Pending · High materiality
- Definitive feasibility study
Pending · High materiality
Permits & approvals2
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Native Vegetation Clearing Permit | Western Australia | Pending | — | Yes |
| Mine Development and Closure Proposal | Western Australia | Required | — | Yes |
Economic studies2
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Mt Mulgine scoping study supplement | Scoping Study | Superseded | 2025-11-19 | Superseded by September 2026 PFS. |
| Mt Mulgine 8Mtpa Pre-Feasibility Study | PFS | Current | 2026-09-01 | 21-year 8Mtpa plan; pre-tax NPV8 A$6.823bn, post-tax NPV8 A$4.796bn at Fastmarkets forecast prices; A$870m capital ±25%. |
Material
Hatches Creek Project
Australia
Resource Stage100% ownedTungstenCopper
100% owned after December 2024 acquisition of GWR's remaining 80%; resource-stage option with no current economic study or mine plan.
Project location
Approximate location
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Inferred tungsten domains | 12 Mt | 0.17% WO3 | Tungsten | 2025-05-15 |
| Mineral Resource | Inferred copper domains | 6.1 Mt | 0.29% Cu | Copper | 2025-05-15 |
Tenements3
Funding, performance and ownership
Financials & Capital
Liquidity
Financial position
September placement improves pro forma cash but does not fund the A$274m Watershed build or A$870m Mt Mulgine initial capital. Debt, strategic capital or dilution remains necessary.
Capital structure
Ownership and dilution
- Ordinary shares
- 1.6B
- Fully diluted
- 1.6B
June 2026 1,396,340,206 ordinary shares plus 156,250,000 September placement shares equals 1,552,590,206 current ordinary shares, corroborated by 25 September market snapshot. Add 54,200,000 rights for conservative fully diluted valuation denominator; vesting terms not modelled.
Security classes2
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| ASX ordinary fully paid shares | Ordinary Share | 1.6B | — | — |
| Unlisted performance rights | Performance Right | 54.2M | — | — |
Company guidance2
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| First Production | watershed | H1 2027 | — | — date | Current |
| First Production | mt-mulgine | Q2 2029 | — | — date | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-09-25Ann. 2026-09-22 | RaisingOrdinary Fully Paid | A$50M | 156.2M | A$0.32 | Completed | Firm commitments; settlement scheduled 24 September and quotation 25 September; share count corroborated by market snapshot.Max 156.2M · Period 2026-09-22 to 2026-09-25 · Euroz Hartleys and Jefferies Australia |
Contracts and ownership
Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.
Annual report and later releases reconciled; Watershed PEE quantifies aggregate other royalties but does not name or split underlying counterparties; preliminary offtake discussions are not contracts.
Landholder agreements and pre-existing financial-institution covenants form the 3.5% other royalty assumption in the PEE; counterparty split and royalty base not disclosed.
Royalty · Active- Counterparties
- Watershed landholders and covenant beneficiaries; individually not named
- Applies to
- Watershed Tungsten Project · Tungsten
- Economic direction
- Burden
- Period
- Dates not stated
- Key terms
- Other royalty rate: 3.5 percent
How it affects our valuation
No valuation treatment is available for this arrangement.
Six-month option to acquire TGN-owned modular gravity plant. Conditional sale proceeds are excluded from base value.
Other · Active- Counterparties
- WIN Metals Ltd
- Applies to
- Company-wide
- Economic direction
- Benefit
- Period
- 2026-06-18 to 2026-12-18
- Key terms
- Option fee: 50,000 AUD
Exercise cash: 250,000 AUD
Exercise shares: 250,000 AUD equivalent
How it affects our valuation
No valuation treatment is available for this arrangement.
Prior 20% farm-in terminated when TGN acquired GWR's remaining 80% and full ownership.
Farm In · Terminated- Counterparties
- GWR Group Ltd
- Applies to
- Hatches Creek Project · Tungsten · Copper
- Economic direction
- Benefit
- Period
- 2019-05-31 to 2024-12-16
How it affects our valuation
This arrangement has ended; no current valuation treatment is required.
Historic separated tungsten/molybdenum rights agreement terminated on full tenement acquisition; environmental liability remains on the group balance sheet.
Other · Terminated- Counterparties
- Minjar Gold Pty Ltd
- Applies to
- Mt Mulgine Project · Tungsten · Others · Gold · Silver · Copper
- Economic direction
- Mixed
- Period
- Through 2024-12-17; start date not stated
How it affects our valuation
This arrangement has ended; no current valuation treatment is required.
Intrinsic value
Valuation
Valuation
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Sign in or enter a guest codeResource-price transmission
Sensitivity lab
Sensitivity lab
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Sign in or enter a guest codePeople, delivery and responsibility
Management background checks
The reviewed public record supports role-relevant professional experience for the current team, but mostly through issuer or professional profiles. Individual contribution, exact prior-role dates and several credentials remain unverified. The reviewed record supports corporate finance and resource-sector familiarity, but does not establish prior operating delivery of a producing tungsten mine by either executive.
Decision-relevant facts
Material summary
Teck Siong Wong
Executive Director and Interim Chief Executive Officer
Personal SuccessIssuer Reported · Medium materiality
Relevant professional experience
Current record identifies Mr Wong as Executive Director and Interim CEO; the reviewed annual report does not provide a dated prior-role chronology.
Individual involvement documented · The cited profile describes the person’s roles and involvement; outcome attribution is limited to what it explicitly states.
2025 Annual Report · Corporate Directory profile; career/role section
Role FitAnalyst Inference · Medium materiality
Role fit and evidence limits
The reviewed record supports corporate finance and resource-sector familiarity, but does not establish prior operating delivery of a producing tungsten mine by either executive.
Responsibility not applicable · This is an analytical inference from the cited career profile and the company’s stated stage; it does not claim personal causation of company outcomes.
2025 Annual Report · Corporate Directory profile; career/role section
GovernanceAlleged · Medium materiality
Takeovers Panel declined GWR association application; referred issues to ASIC
Teck Siong Wong’s GWR Appendix 3Y records him as a director and shareholder of Bluebay Investments Group Corporation. In August 2026, a GWR shareholder alleged an undisclosed association between Bluebay and other holders. The Takeovers Panel declined to conduct proceedings because the application did not provide a sufficient body of evidence of association and it saw no apparent corporate event indicating improper control. It nevertheless said some beneficial-ownership concerns were not addressed to its satisfaction and intended to refer issues to ASIC for investigation. The regulator did not make a finding that Wong or Bluebay breached the law.
Role overlaps event; causation unproven · Wong’s disclosed Bluebay directorship/shareholding is directly recorded in the Panel release; the alleged association is an applicant allegation, not a finding against Wong. The Panel expressly found the evidence insufficient to establish association for its purposes.
GWR Group Limited – Panel Receives Application (TP26/055) · TP26/055, details; Wong’s 10 March 2026 Appendix 3Y relationship and applicant allegations
GWR Group Limited – Panel Declines to Conduct Proceedings (TP26/057) · TP26/057, paragraphs 1–5; evidentiary insufficiency, declined proceedings and intended ASIC referral
Evidence gaps · 2
- Exact dates for prior roles and independent confirmation of profile claims were unavailable in the reviewed materials.
- The Takeovers Panel said on 25 August 2026 that it intended to refer unresolved beneficial-ownership disclosure issues to ASIC. No public ASIC investigation result or final resolution was located by the 9 October 2026 cutoff.
Simon Borck
Chief Financial Officer; Company Secretary
Personal SuccessIssuer Reported · Medium materiality
Relevant professional experience
CFO and Company Secretary; past resource-sector financial reporting experience, including Financial Controller at Territory Resources.
Individual involvement documented · The cited profile describes the person’s roles and involvement; outcome attribution is limited to what it explicitly states.
2025 Annual Report · Corporate Directory profile; career/role section
Role FitAnalyst Inference · Medium materiality
Role fit and evidence limits
The reviewed record supports corporate finance and resource-sector familiarity, but does not establish prior operating delivery of a producing tungsten mine by either executive.
Responsibility not applicable · This is an analytical inference from the cited career profile and the company’s stated stage; it does not claim personal causation of company outcomes.
2025 Annual Report · Corporate Directory profile; career/role section
Evidence gaps · 2
- Exact dates for prior roles and independent confirmation of profile claims were unavailable in the reviewed materials.
- The 2017 issuer annual report containing earlier biographical material was inaccessible in this review; career and credential details from that document are not treated as verified.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2026-09-16 · 1,396,340,206 issued shares
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 34.14% | 476,663,820 | |
| 2 | 12.71% | 177,500,000 | |
| 3 | 7.08% | 98,884,781 | |
| 4 | 4.90% | 68,440,000 | |
| 5 | 4.86% | 67,929,702 | |
| 6 | 3.33% | 46,537,764 | |
| 7 | 3.02% | 42,217,756 | |
| 8 | 3.02% | 42,166,010 | |
| 9 | 2.88% | 40,213,336 | |
| 10 | 2.85% | 39,749,953 | |
| 11 | 2.11% | 29,477,617 | |
| 12 | 1.95% | 27,254,838 | |
| 13 | 0.86% | 12,000,000 | |
| 14 | 0.79% | 11,006,100 | |
| 15 | 0.75% | 10,526,315 | |
| 16 | 0.71% | 9,844,000 | |
| 17 | 0.70% | 9,842,105 | |
| 18 | 0.60% | 8,334,700 | |
| 19 | 0.44% | 6,201,489 | |
| 20 | 0.43% | 6,000,000 | |
| 21 | 0.43% | 6,000,000 |
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 12.71%Voting power | 2026-09-16 | |
| 7.67%Voting power | 2026-09-16 |
Sources & review notesEvidence checked through 2026-10-09
Coverage and limitations
- The annual report labels two rank-20 accounts and two rank-14 accounts; rank labels preserve their separate source lines. The register and substantial-holder table overlap.
Sources
- Annual Report to shareholders
Tungsten Mining NL / ASX · Published 2026-09-29 · Accessed 2026-10-09
Reports 20 largest listed ordinary-share accounts and substantial holders as at 16 September 2026.
PDF page 80 (printed page 79), Additional ASX Information / Top twenty holders; page 81, Substantial shareholders
Disclosed activity
Insider transactions
Trading activity1 buy · 0 sells shownNet cash last 12 months A$11.6mShow chartHide chart
On-market buyPlacement / plan subscriptionSaleMarker size = cash valueGrant, exercise, expiry or transferBars: cash bought (up) and sold (down) per month
| Date | Person / account | Activity / security | Quantity | Cash consideration | Price | Holding after |
|---|---|---|---|---|---|---|
| 2026-07-24 | Tan Sri Dato Tien Seng LawAntelle Holding Limited
Details & evidence for Tan Sri Dato Tien Seng Law on 2026-07-24Registered through Citicorp for Antelle; related Antelle holding notice corroborates 107,077,500 shares after the acquisition. As disclosed: Off market trade
Antelle Holding Limited · controls; shares held for director Amardale Offshore Inc · controls; shares held for director Saw Geok Ngor · spouse; holdings included in disclosed indirect interests Change of Director's Interest Notice - Law ↗ | PurchaseFully paid ordinary shares | 55,000,000 | AUD 11,550,000.00 | AUD 0.21Calculated average | — |
| 2026-04-09 | Teck Siong WongTeck Resources Pty Ltd
Details & evidence for Teck Siong Wong on 2026-04-09The 4,000,000 shares were transferred from Wong direct to controlled Teck Resources; they are not a net purchase. As disclosed: Transfer to Teck Resources Pty Ltd, which is an entity controlled by Mr Wong.
Teck Resources Pty Ltd · controls Affinity (Aus) Pty Ltd · controls Change of Director's Interest Notice - Wong ↗ Change of Director's Interest Notice - Wong ↗ | Transfer InFully paid ordinary shares | 4,000,000 | —Not Disclosed | — | — |
| 2026-01-12 | Teck Siong WongAffinity (Aus) Pty Ltd
Details & evidence for Teck Siong Wong on 2026-01-12Grant disclosed as nil consideration; rights remain distinct from ordinary shares. As disclosed: Issue of performance rights as approved by shareholders.
Teck Resources Pty Ltd · controls Affinity (Aus) Pty Ltd · controls Change of Director's Interest Notices ↗ | GrantUnlisted performance rights (four tranches) | 6,000,000 | —Not Disclosed | — | — |
| 2026-01-12 | Wai Cheong LawCiticorp Nominees Pty Ltd
Details & evidence for Wai Cheong Law on 2026-01-12Grant disclosed as nil consideration; rights remain distinct from ordinary shares. As disclosed: Issue of performance rights as approved by shareholders.
Citicorp Nominees Pty Ltd · custodian for rights Change of Director's Interest Notices ↗ | GrantUnlisted performance rights (four tranches) | 1,000,000 | —Not Disclosed | — | — |
| 2026-01-12 | Gary Lyons
Details & evidence for Gary Lyons on 2026-01-12Grant disclosed as nil consideration; rights remain distinct from ordinary shares. As disclosed: Issue of performance rights as approved by shareholders.
Change of Director's Interest Notices ↗ | GrantUnlisted performance rights (four tranches) | 4,800,000 | —Not Disclosed | — | — |
| 2026-01-12 | Kong Leng (Jimmy) LeeLeng Leng Lee
Details & evidence for Kong Leng (Jimmy) Lee on 2026-01-12Grant disclosed as nil consideration; rights remain distinct from ordinary shares. As disclosed: Issue of performance rights as approved by shareholders.
Leng Leng Lee · sibling; holder of rights subject to director interest Change of Director's Interest Notices ↗ | GrantUnlisted performance rights (four tranches) | 3,200,000 | —Not Disclosed | — | — |
| 2026-01-12 | Tan Sri Dato Tien Seng Law
Details & evidence for Tan Sri Dato Tien Seng Law on 2026-01-12Grant disclosed as nil consideration; rights remain distinct from ordinary shares. As disclosed: Issue of performance rights as approved by shareholders.
Antelle Holding Limited · controls; shares held for director Amardale Offshore Inc · controls; shares held for director Saw Geok Ngor · spouse; holdings included in disclosed indirect interests Change of Director's Interest Notices ↗ | GrantUnlisted performance rights (four tranches) | 4,000,000 | —Not Disclosed | — | — |
| 2026-01-12 | Russell Clark
Details & evidence for Russell Clark on 2026-01-12Grant disclosed as nil consideration; rights remain distinct from ordinary shares. As disclosed: Issue of performance rights as approved by shareholders.
Change of Director's Interest Notices ↗ | GrantUnlisted performance rights (four tranches) | 3,200,000 | —Not Disclosed | — | — |
| 2026-01-12 | Chew Wai ChuenHSBC Custody Nominees (Australia) Limited
Details & evidence for Chew Wai Chuen on 2026-01-12Grant disclosed as nil consideration; rights remain distinct from ordinary shares. As disclosed: Issue of performance rights as approved by shareholders.
HSBC Custody Nominees (Australia) Limited · custodian for Chew Wai Chuen Change of Director's Interest Notices ↗ | GrantUnlisted performance rights (four tranches) | 3,200,000 | —Not Disclosed | — | — |
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Narrative and provenance
Research & Sources
AI Analyst Report
The full analyst report, its figures and the broker-style PDF are available to subscribers and invited guests.
Sign in or enter a guest codeChronological evidenceSource-document inventory31 documents
TGN.AX eligible local closing-price observationMarket Data · HighPartial
Local price database selected the 25 September ordinary-share close, A$0.285 on 9,064,520 shares; market data provider via miners.collect_stock_prices.
- Document ID
- price25
- Published UTC
- 2026-09-25T06:10:00Z
- Projects
- —
- Commodities
- —
TGN share count and market capitalization snapshotMarket Data · MediumPartial
MarketScreener snapshot lists 1,552.590 million ordinary shares, corroborating June shares plus September placement.
- Document ID
- sharecount26
- Published UTC
- 2026-09-25T06:10:00Z
- Projects
- —
- Commodities
- —
Watershed funding strategy - Jefferies appointed adviserFinancing · HighPartial
Reported Jefferies mandate for potential strategic investors at Watershed, parallel to debt process; no funding commitment disclosed.
- Document ID
- jefferies26
- Published UTC
- 2026-09-24T22:10:00Z
- Projects
- watershed
- Commodities
- tungsten
Tungsten Mining Secures $50MFinancing · HighPartial
A$50m before costs raised at A$0.32 through 156.25m new ordinary shares; expected quotation 25 September.
- Document ID
- placement26
- Published UTC
- 2026-09-21T23:15:00Z
- Projects
- watershed
- Commodities
- tungsten
Update on US Listing and Prior Period RestatementGovernance · MediumPartial
Reported prior-period accounting restatements during US-listing audit; full details awaited in FY2026 annual report.
- Document ID
- restatement26
- Published UTC
- 2026-09-15T22:20:00Z
- Projects
- —
- Commodities
- —
Outstanding Testwork Results Achieved from WatershedOperations · MediumPartial
Issuer reported commercial-grade tungsten concentrate samples for prospective offtakers; detailed testwork text was not accessible in this run.
- Document ID
- testwork26
- Published UTC
- 2026-09-15T22:20:00Z
- Projects
- watershed
- Commodities
- tungsten
Watershed Full Project Approvals AttainedPermitting · HighPartial
Reported Watershed primary approvals, including Environmental Authority and rehabilitation plan; pre-FID works under way; DFS targeted October 2026.
- Document ID
- approvals26
- Published UTC
- 2026-09-09T22:21:00Z
- Projects
- watershed
- Commodities
- tungsten
Investor Presentation - World-Scale Tungsten ProjectPresentation · HighPartial
Presentation confirms 8Mtpa PFS and timeline: Mt Mulgine DFS Q2 2027, clearing permit Q4 2026; Watershed first production H1 2027 target.
- Document ID
- presentation26
- Published UTC
- 2026-09-06T23:10:00Z
- Projects
- mt-mulgine · watershed
- Commodities
- tungsten
Mt Mulgine PFS confirms world-scale tungsten projectStudy · HighPartial
PFS 8Mtpa base case uses Fastmarkets forecast prices; A$6.823bn pre-tax and A$4.796bn post-tax NPV8 with A$870m initial capex. Reserve is 144Mt probable; funding and approvals remain outstanding.
- Document ID
- pfs26
- Published UTC
- 2026-08-31T22:27:00Z
- Projects
- mt-mulgine
- Commodities
- tungsten · others · gold · copper · silver
Watershed Funding Strategy Advances - Debt Advisor AppointedFinancing · HighPartial
Reported appointment of Cutfield Freeman to pursue Watershed debt financing; no committed facility disclosed.
- Document ID
- debtadvisor26
- Published UTC
- 2026-08-23T22:01:00Z
- Projects
- watershed
- Commodities
- tungsten
Quarterly Activities/Appendix 5B Cash Flow ReportOperations · HighExtracted
June 2026 quarterly and Appendix 5B: A$49.1m cash, 1,396,340,206 shares and 54.2m rights; no production.
- Document ID
- q4fy26
- Published UTC
- 2026-07-29T22:23:14Z
- Projects
- —
- Commodities
- —
Watershed Preliminary Economic Evaluation PresentationPresentation · MediumExtracted
Watershed Preliminary Economic Evaluation Presentation; reviewed for context, with no distinct model input retained.
- Document ID
- asx-6a1330311
- Published UTC
- 2026-06-21T22:16:40Z
- Projects
- watershed
- Commodities
- —
Watershed Updated Mineral Resource EstimateResource Update · HighExtracted
Watershed JORC 2012 MRE: 69.7Mt at 0.109% WO3, 76kt contained WO3.
- Document ID
- watershedmre
- Published UTC
- 2026-06-17T22:18:53Z
- Projects
- watershed
- Commodities
- tungsten
WIN Secures Key Processing Infrastructure for Radio GoldEconomic Arrangement · MediumExtracted
WIN Metals disclosed a six-month option over TGN's modular gravity plant: A$50,000 option fee and A$500,000 exercise consideration.
- Document ID
- winoption
- Published UTC
- 2026-06-17T23:04:39Z
- Projects
- —
- Commodities
- —
Watershed Study - Strong Economic OutcomesStudy · HighExtracted
Watershed PEE: pre-tax NPV8 A$1.309bn, A$274m pre-production capital, 8-year target life, 80% APT payability and 3.5% other royalties.
- Document ID
- watershedpee
- Published UTC
- 2026-06-17T23:26:49Z
- Projects
- watershed
- Commodities
- tungsten
Quarterly Activities/Appendix 5B Cash Flow ReportOperations · MediumExtracted
Quarterly Activities/Appendix 5B Cash Flow Report; reviewed for context, with no distinct model input retained.
- Document ID
- asx-6a1323265
- Published UTC
- 2026-04-30T03:16:02Z
- Projects
- —
- Commodities
- —
Notification regarding unquoted securities - TGNOperations · MediumExtracted
Notification regarding unquoted securities - TGN; reviewed for context, with no distinct model input retained.
- Document ID
- asx-6a1315056
- Published UTC
- 2026-03-05T09:03:12Z
- Projects
- —
- Commodities
- —
Half Yearly Report and AccountsResults · HighExtracted
Half-year accounts to 31 December 2025: convertible notes fully converted; environmental provision and leases remain.
- Document ID
- hy26
- Published UTC
- 2026-02-26T09:17:37Z
- Projects
- —
- Commodities
- —
Quarterly Activities/Appendix 5B Cash Flow ReportOperations · MediumExtracted
Quarterly Activities/Appendix 5B Cash Flow Report; reviewed for context, with no distinct model input retained.
- Document ID
- asx-6a1309560
- Published UTC
- 2026-01-30T01:13:55Z
- Projects
- —
- Commodities
- —
Mt Mulgine Study Supplementary - Cash Flow & PaybackStudy · MediumExtracted
Mt Mulgine scoping study supplement, now superseded by September 2026 PFS.
- Document ID
- mulginesupp
- Published UTC
- 2025-11-18T21:27:06Z
- Projects
- mt-mulgine
- Commodities
- tungsten
Mt Mulgine Supplementary Scoping Study PresentationPresentation · MediumExtracted
Mt Mulgine Supplementary Scoping Study Presentation; reviewed for context, with no distinct model input retained.
- Document ID
- asx-6a1297690
- Published UTC
- 2025-11-18T21:27:46Z
- Projects
- mt-mulgine
- Commodities
- —
Investor Webinar - Mt Mulgine Scoping StudyOperations · MediumExtracted
Investor Webinar - Mt Mulgine Scoping Study; reviewed for context, with no distinct model input retained.
- Document ID
- asx-6a1297389
- Published UTC
- 2025-11-17T05:13:17Z
- Projects
- mt-mulgine
- Commodities
- —
Presentation - Mt Mulgine Critical Minerals Scoping StudyPresentation · MediumExtracted
Presentation - Mt Mulgine Critical Minerals Scoping Study; reviewed for context, with no distinct model input retained.
- Document ID
- asx-6a1296721
- Published UTC
- 2025-11-12T07:45:52Z
- Projects
- mt-mulgine
- Commodities
- —
Quarterly Activities/Appendix 5B Cash Flow ReportOperations · MediumExtracted
Quarterly Activities/Appendix 5B Cash Flow Report; reviewed for context, with no distinct model input retained.
- Document ID
- asx-6a1294046
- Published UTC
- 2025-10-29T08:42:33Z
- Projects
- —
- Commodities
- —
Mineral Resource Estimate Strengthens Mt Mulgine StrategyResource Update · MediumExtracted
Mt Mulgine Camp, Black Dog and Bobby McGee gold MRE; avoid overlap with the larger tungsten model.
- Document ID
- mtgoldmre
- Published UTC
- 2025-10-05T21:26:00Z
- Projects
- mt-mulgine
- Commodities
- tungsten
Annual Report to shareholdersResults · HighExtracted
FY2025 annual report is the leadership and legacy arrangement baseline.
- Document ID
- annual25
- Published UTC
- 2025-09-26T08:35:19Z
- Projects
- —
- Commodities
- —
Scoping Study Commences for Staged Gold and TungstenOperations · MediumExtracted
Scoping Study Commences for Staged Gold and Tungsten; reviewed for context, with no distinct model input retained.
- Document ID
- asx-6a1278624
- Published UTC
- 2025-08-17T22:26:40Z
- Projects
- —
- Commodities
- —
Hatches Creek Mineral Resource Estimate Shows PotentialResource Update · HighExtracted
Hatches Creek maiden inferred resource: separate tungsten and copper domains.
- Document ID
- hatchesmre
- Published UTC
- 2025-05-18T22:18:05Z
- Projects
- hatches-creek
- Commodities
- tungsten
Completion of Hatches Creek Tungsten Project AcquisitionTransaction · MediumExtracted
Acquisition of remaining Hatches Creek 80% completed, ending prior farm-in.
- Document ID
- hatchescompletion
- Published UTC
- 2024-12-16T09:15:07Z
- Projects
- hatches-creek
- Commodities
- —
Settlement to Acquire Mt Mulgine Project Assets CompletedTransaction · MediumExtracted
Mt Mulgine asset acquisition completed.
- Document ID
- mulginecompletion
- Published UTC
- 2024-12-17T03:27:37Z
- Projects
- mt-mulgine
- Commodities
- —
TGN to Acquire Mt Mulgine Project AssetsTransaction · HighExtracted
Agreement to acquire full Mt Mulgine tenements and all mineral rights for A$3.3m plus environmental liabilities.
- Document ID
- mulginedeal
- Published UTC
- 2024-11-19T22:17:21Z
- Projects
- mt-mulgine
- Commodities
- —
Evidence facts37
3300000 AUD
2024-11-20True None
2024-11-2012.0 Mt at 0.17% WO3
2025-05-156.1 Mt at 0.29% Cu
2025-05-15Teck Siong Wong None
2025-09-26Simon Borck None
2025-09-2667500 oz Au
2018-12-310 AUD
2025-12-318364854 AUD
2025-12-31449232 AUD
2025-12-3169.7 Mt
2026-06-180.109 percent WO3
2026-06-1850000 AUD
2026-06-18500000 AUD equivalent
2026-06-181309000000 AUD
2026-06-18274000000 AUD
2026-06-181248 USD/mtu
2026-06-183.5 percent
2026-06-1830 percent
2026-06-1849100000 AUD
2026-06-301396340206 shares
2026-06-3054200000 rights
2026-06-303903000 AUD
2026-06-3012.58 quarters
2026-06-304796000000 AUD
2026-09-016823000000 AUD
2026-09-01870000000 AUD
2026-09-01144 Mt at 0.10% WO3
2026-09-011509 USD/mtu
2026-09-01Q2 2027 None
2026-09-07True None
2026-09-1050000000 AUD
2026-09-22156250000 shares
2026-09-220.32 AUD/share
2026-09-220.285 AUD/share
2026-09-259064520 shares
2026-09-251552590206 shares
2026-09-25